The following are the transactions of V. Ayuban Company for the month of March 2023.

Use Periodic Method in recording inventory account.

Prepare the following:
a. Journal Entry f. Statement of Changes in Owner’s Equity
b. General Ledger g. Statement of Financial Position
c. Trial Balance h. Statement of Cash Flow
d. COGS I. Closing Entries
e. Statement of Comprehensive Income J. Post Closing Trial Balance
k. WORKSHEET
1 Mr. V. Ayuban made the following investments: Cash in Bank P300,000 and Furnitures
and Fixtures P150,000.
2 Paid business permits to the city government, P2,400.
4 Bought office equipment on account and issued a promissory note, P250,000.
5 Bought store supplies inventory on account amounting to P15,000.
8 Bought merchandise for cash, P75,000.
1 Sold merchandise for cash, P10,000, P8,000 cost of goods sold.
0
1 Bought merchandise on account, P25,000, term; 2/10, n/30.
1
1 Sold merchandise on account, P15,000, term; 3/10, n/30. P12,000 cost of goods sold.
5
1 Bought merchandise for cash, P60,000 and paid freight og P1,000.
7
1 Sold merchandise for cash, P20,000 and paid freight of P1,500. P16,000 cost of goods
9 sold.
2 Paid our account of Feb. 11 net of 2% discount.
0
2 Paid rental for the month, P10,000.
3
2 Collected our account of Feb. 15 net of 3% discount.
4
2 Bought merchandise on account, P15,000. Paid freight of P800.
6
2 Bought merchandise on account, P20,000 and was given a 5% trade discount. Term;
7 2/10, n/30.
2 Sold merchandise for cash, P8,000 and gave a 2% trade discount. P6,000 cost of goods
8 sold.
2 Paid light and water bills (Utilities Expense), P4,000.
9
2 Paid advertising expense, P2,500.
9
3 Sold merchandise on account, P30,000 and gave a 5% trade discount. P24,000 cost of
0 goods sold.
3 Paid salaries of P20,000 for the month of March 2023.
1
 ACCOUNT TITLES

100 Assets 500 Expenses

101 Cash in Bank 501 Purchases
103 Merchandise Inventory 502 Purchase Discount
105 Accounts Receivable 503 Purchase Returns and
107 Supplies Allowances
110 Building 504 Freight-In
115 Furnitures and Fixtures 505 Freight-Out
120 Office Machine and Equipment 506 Salaries and Wages
125 Office Equipment 507 Rent Expense
130 Office Furniture 508 Miscellaneous Expense
509 Utilities Expense
510 Taxes and Licenses
200 Liabilities 511 Cost of Goods Sold
201 Accounts Payable 600 Income Summary
202 Notes Payable

300 Equity
301 V. Ayuban, Capital
302 V. Ayuban, Drawing

400 Revenue
401 Sales
402 Sales Discount
403 Sales Return and Allowances
404 Professional Fees